Owning rental property is challenging. Ask any landlord in Denver how often they need to replace tenants and the answer will probably be more often than they would like. Landlords, however, who choose to use a property management company, will probably have a very different response. If you’re not familiar with the assets of property management companies in Denver, here are five that might actually surprise you:
- Property Management Companies Can Help Keep Landlords Out of Legal Hot Water – Being a landlord in the state of Colorado requires landlords to keep on top of important repairs. Tenants have the legal right to withhold rent payments until repairs are made. A property management company can provide and oversee an in-house maintenance crew while ensuring that rental properties are up to the standards of the law.
- Property Management Companies Provide Financial Services – Organized and complete records are a must when owning rental properties. Collecting rent payments, making payments on behalf of the owner (mortgage payments, taxes, etc.), maintaining records such as invoices, receipts, warranties, etc. are just a few of the financial services provided by a property management company to keep your financial books in order.
- Property Management Companies Can Provide Eviction Services – Nobody wants to have to evict a tenant, but sometimes it is necessary, and a landlord is forced to take time out of their schedule to file eviction papers and appear in court. A property management company will take your place and make sure the eviction process runs as smooth as possible.
- Property Management Companies Can Market Available Rental Units – Preparing a rental unit and screening prospective tenants requires time. Rental ads have to be placed, phone calls have to be fielded and showing the unit is time-consuming. A property management company assists with marketing and screening of all tenants, ensuring quality tenants for your unit.
- Property Management Companies Can Aid in the Tenant Move-Out Process – Tenants come and go and part of being a property owner requires specific tasks after a tenant moves out and before another moves in. A property management company will inspect the vacant rental unit, re key the locks, perform cleaning and repairs tasks, and put the rental unit back on the market.
These are just a few assets of a property management company in Denver. Utilizing the services of a property management company will help make your life easier and allow you to run your rental business smoothly and confidentially. Being a property owner requires hard work and a lot of time. A good management company will organize your rental business so that you can enjoy life without all the interruptions that come with being a landlord. Contact us today for more information on how we can help you.